This is default featured slide 3 title
This is default featured slide 4 title
This is default featured slide 5 title
 

Monthly Archives: May 2017

Tips to Build Solid Business Foundations

The first thing they do to build it is to dig down.

It’s a little strange to see, but it makes sense if you think about it.

By digging down and making sure all the foundations are in place, and making sure they are rock solid… the building can then reach up towards the sky.

Without the rock solid foundations the building could topple and crash to the ground.

Unfortunately that’s what happens to some businesses.

Some owners neglect, ignore or are ignorant of some of the ‘foundations’ that MUST be in place to allow the business safe and secure business growth.

The things we are covering aren’t as exciting or as ‘glamorous’ as the topics that most business owners want to delve into like marketing, or team training… yet the areas are fundamental to the success of your business.

And they are topics that all multi-million dollar business owners are great at… and follow religiously.

Although they aren’t as glamorous – they are still fundamental to the successful growth and in some cases – the existence of your business.

So please don’t fall into the trap of ignoring these areas like some business owners do – because you can find yourself in serious trouble.

Insurances

Go over the kind of insurances that you need, and your business needs in case of any form of mishap, act of god and/or litigation. There are some critical ones that you need to be aware of. And there’s some that you may not have thought of that are fundamental to your business. So check them out and put them into place.

Contracts

How good are the contracts you have in place? Do you have any? Do you have them with your team and suppliers?

Make sure you’re working with a good contract lawyer to make sure you’re adequately protected in your contracts. Don’t just copy other people contracts; get them done specifically for your business.

Disclaimers

With the increasing rate of litigation make sure you are working with your lawyer to protect yourself from any type of litigation that may occur.

Technology

Find the appropriate levels of technology for your business so you can become more effective and efficient with your current workloads… and make sure you’re continually taking care of your current technology and updating regularly before the need arises.

Technology is only a cost if you don’t use it. When you use it, it’s an investment.

Software

When you start off in business you can get away with rip off versions of software. Yet when you’re aiming to grow – get the real versions.

I recommend it.

As you start to grow and you’re producing data that’s becoming more and more valuable you need to protect it and have constant support and access to it.

If you don’t have the ‘real McCoy’ you can say goodbye to sometimes years of hard work.

Back ups Virus Protections

Make sure you’re following the guidelines of backing up your data and keeping up-to-date virus software as well.

The data on your computer has taken you and your business literally thousands of hours at around $20 per hour. So you’ve probably got $100K or more worth of data on your system. Back it up, and store it off site.

If you’re online – you’ll know how many viruses are around. So get yourself a great system and update it daily.

I use Vet and I update it daily.

Correct Asset Protection

There’s no point making great money and building wealth if – seemingly at the drop of a hat – you lose it all. It happens because of poor asset protection. Make sure your assets are protected.

Get yourself a good asset protection lawyer and accountant.

Statutory Obligations

Be aware of all the statutory obligations that you have of running and owning a business – and comply with them. It’s the law.

Taxation

Make contact and work with the tax office often to understand all the different forms or taxation that you and your business are subject to. Know when payments are due, budget for them and make sure you get everything in on time.

Rateable Remuneration

As your business grows and you employ more and more people make sure you’re updating your rateable remuneration with WorkCover. Otherwise you can be stuck with an unpleasant bill or even be fined.

Time Off

Like the axe man that cuts wood. You’ve got to take time off to sharpen your saw. Otherwise it just becomes blunt and ineffective.

Time off helps charge up your batteries – and it also makes your team step up when you’re away.

Regular time off will have you feeling fresh and ‘on-the-ball’.

There may be many more things that you can do for your business to make sure you have nice strong foundations in place for growing your business.

Go through all the potential areas and topics that are specific for your business – and make sure they are in place. That way you’re geared up for growth.

 

Consider The Positions in a Small Business that Need Filled by Business Owner

1. Building maintenance coordinator. If you rent or lease space, the task of scheduling maintenance and repairers not only for the business equipment but many times the building infrastructure falls to you. Such mundane tasks as making certain the windows are washed and sidewalk cleaned regularly also are your responsibility

2. Advertising executive. Your small business may make the best product on the planet but there will be no sales unless consumers hear about it. How do you plan on getting your message out? If you hire an ad agency in their work is ineffective your business suffers. This means you need to understand your market and how to reach them.

3. Human Resources. Plan on having any employees? Be prepared to deal with developing an employee handbook, Worker’s Compensation, absenteeism, along with hiring and firing. Oh and if you get read of an employee without proper documentation and justification, be prepared to have your unemployment insurance account charged to pay for the employee UI benefits.

4. Insurance expert. How much it will kind of insurance you need? Although you can get help with this from a business insurance agent, remember the agent is in the business of selling insurance. You need to be able to understand the risks your business faces and what should be insured against.

 

Start s Catering Business

To obtain a license, apply to the local Health Department. Before a license is issued, the Health Department will inspect your business to see that it meets food sanitation requirements. Once a license is issued, the Health Department will conduct routine inspections of your business. These inspections are needed to help insure compliance with food sanitation rules developed to protect the public from foodborne illness. Outbreaks of foodborne illness have been attributed to factors such as poor hygiene by personnel, inadequate cooking, and improper cooling and storage of food.

The development of a business plan will aid you in planning a successful business. Prior to starting a catering business, you need to determine your type of business i.e., cakes, receptions, seated dinners, box lunches, picnics, or dessert course and the type of food you will serve (primarily convenience or “from scratch”). Analyze your market. Ask yourself the following questions to see if your business venture will satisfy at least one of the following fundamental elements of success. If not, you probably do not have a viable business idea.

The questions are:

Will the business serve a presently unserved need?

Will the business serve an existing market in which demand exceeds supply?

Can the business effectively compete with existing businesses because of some “competitive advantage?”

Decide whom you will target as customers. Who is your competition? What are their strengths and weaknesses? Where will you get supplies? Decide how you will promote your business. Will you need to employ staff to help with production, service, and cleanup? What other skills do you need to make your business successful?

Start-Up Costs: You may choose to start your catering business by renting items to keep initial costs to a minimum. You may rent the use of kitchen facilities, utensils, tables, tablecloths, serving equipment and other items. This will allow you to: 1) Build a reputation; 2) develop some capital for investment and expansion and 3) evaluate how much time and money you want to invest and the impact that this business will have on your family.

Food Safety: To be successful in the catering business, one must produce delicious food that is safe and wholesome. The production of safe foods is your responsibility. Time and temperature abuse of foods contaminated with foodborne pathogens, such as Salmonella, Campylobacter and Escherichia coli O157:H7, will certainly lead to a foodborne outbreak that would likely destroy your reputation and business. Foodborne illness can be avoided if you and your employees follow safe food handling practices.

Like I said earlier, starting your own catering business can be both financially rewarding and fun. Whether you cater events on a full-time or a part-time basis, the opportunities are excellent, but it do require some planning and hardwork in order for you to enjoy the benefits.